Statoil changes name to Equinor as part of strategy shift

Statoil ASA, Norway’s biggest petroleum company, will change its name to Equinor as it seeks to broaden its energy reach beyond oil and natural gas production, Bloomberg reports. The company, which has operations in Ohio’s Utica shale play, says the new name reflects the starting point for equality and equilibrium, and “nor” to signal its Norwegian origin. Bloomberg says the change comes as Statoil pursues a strategy that sets principles for the development of an energy portfolio that calls for 15% to 20% of its investments to be in “new energy solutions” by 2030. For more, read the full story.